News

25October2018

‘Milestone’ reached in Derby development scheme – with help of D2N2 funding

A further seven properties in Derby city centre’s Becketwell area have been bought by Derby City Council, as part of its long term plans to regenerate the area.

It follows the provision of a £4.1million grant to the Council towards the scheme, from the D2N2 Local Enterprise Partnership. This is in addition to the LEP’s original £4m investment.

Part of the new grant was used to buy the seven properties.

The buildings purchased are on Colyear Street and include the former Pink Coconut nightclub and the Pennine Hotel; also included in the sale is the NCP St Peters Quarter multi-storey car park.

The Council now owns 204,730 square feet of the Becketwell area (PART OF SITE IS PICTURED).

The D2N2 Local Enterprise Partnership (LEP) is the private sector-led partnership of business, local authorities, skills and training providers, and community and voluntary services representatives which promotes economic growth across Derby, Derbyshire, Nottingham and Nottinghamshire.

It’s funding of the Becketwell scheme is via its Local Growth Fund (LGF) allocation from the UK Government; funding used to co-invest with partners in major capital and infrastructure projects which have a direct positive impact on the area’s economy and job numbers.

Local Enterprise Partnerships are playing a vital role in driving forward economic growth across the country.

By 2021 Government will have invested over £12bn through the Local Growth Fund, allowing LEPs to use their local knowledge to get all areas of the country firing on all cylinders. LEPs are investing in a wide range of projects including transport, skills, business support, broadband, innovation and flood defences.

Councillor Chris Poulter, Leader of Derby City Council, said: “This is a huge milestone as it opens up huge opportunities for a bigger impact of the Becketwell Regeneration Scheme.”

He added: “We are now forging ahead with developing a masterplan to transform this derelict area into a vibrant quarter of leisure, living and business. More will be revealed early in 2019.”

There have been a number of unsuccessful attempts to redevelop the Becketwell area, since it was decided in 2003 that demolition and regeneration was the most viable option.